Shares of this Tata Group stock jumped 7 percent after announcing Q1FY24 results. In the last five trading sessions, the company’s stock rose more than 11 percent from Rs 1,714.35 to the current price level.
The stocks of Trent Limited, with a market capitalization of Rs 67,581 crores, started their trading session on Thursday at Rs 1,810 and currently trade at Rs 1,901.
The company’s scrip witnessed an intra-day high, also recorded as the fresh 52-week high mark, of Rs 1,913.15 indicating a gain of approximately 6.50 percent compared to the previous close of Rs 1,787.90 apiece.
One of the prime reasons for the stock prices to surge today is after the company, in a filing with the BSE, announced the financial results for the quarter ended June 2023.
On a sequential basis, the company reported an increase in the basic indicators such as the operating revenues and net profits with the former moving up from Rs 2,183 crores during Q4FY22-23 to Rs 2,628 crores during Q1FY23-24, and, the latter taking a shift from Rs 45 crores to Rs 167 crores showing a remarkable increase of around 271 percent.
Comparing Q1FY22-23 and Q1FY23-24, the metrics mentioned above showed decent growth with the operating revenues rising from Rs 1,803 crores to Rs 2,628 crores, and, the net profits moving from Rs 115 crores to Rs 167 crores.
As per the shareholding pattern data for the quarter ended June 2023, the company’s Promoters hold a 37.01 percent stake, and the Foreign Institutional Investors (FIIs) hold a considerable stake of 25.01 percent in the company.
Trent Limited, a Tata Group retail company, operates a chain of retail stores in India along with its subsidiaries. It offers various brands across men’s & women’s wear, footwear, perfumes, cosmetics, and many other accessories. The company also offers food & beverage products, dairy, vegetables, and fruits among others.
Written by Amit Madnani
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